Two go-to outlets for rare footwear have merged to form what they are touting as “the world’s largest sneaker marketplace.”
The merger brings together GOAT, a digital sneaker marketplace that specializes in authenticating hard-to-find kicks, and Flight Club, one of the pioneers of brick-and-mortar sneaker consignment. In addition to the blockbuster union, the pair also announced today a new round of funding, from Index Ventures, to the tune of $60 million.
The companies said the merger will not immediately affect users of the GOAT website and app, and Flight Club’s shoppers, as the two brands will continue to operate independently. GOAT will maintain its focus on its mobile and web platforms for buyers and sellers, allowing Flight Club to keep its attention on retail and e-commerce business.
As a result of the merger, the two now boast a combined 7-million-plus members with over 400,000 individual sneaker listings for sale.
“As the first company to focus on reselling rare sneakers, Flight Club revolutionized sneaker retail and paved the way for what is now a $2 billion resale industry,” Eddy Lu, co-founder and CEO of GOAT, said of his company’s new partner. “The merger of Flight Club and GOAT, together with $60 million in new funding, will allow us to significantly scale our online and retail operations to meet customer demand both domestically and internationally.”
The new investment brings GOAT’s total funding to $97.6 million. Previous investors included Accel, Matrix Partners, Upfront Ventures and Webb Investment Network.
“With more than 15 million monthly site visits and 7 million members, GOAT and Flight Club have quickly evolved from pioneers in the sneaker space to industry leaders, with the potential to fundamentally change the way everyone shops for sneakers,” said Danny Rimer, a partner at Index Ventures.
Rimer and Flight Club co-founder and president Damany Weir have been appointed to GOAT’s board of directors.
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